India Set to Strengthen Global Connectivity through IMEC: Piyush Goyal

During his address, Piyush Goyal described IMEC as a visionary and forward-looking initiative. “The IMEC is a powerful endorsement of the leadership and partnership of India, Middle East and East Europe, a very forward and visionary concept that has caught the fancy of the world,” he said.

Highlighting its importance, he noted that IMEC is more than a trade route. "It is a modern-day Silk Route, a partnership of equals that fosters synergy, connectivity, and inclusive prosperity. It will bring down logistics costs by up to 30 per cent, reduce transportation time by 40 per cent, and create seamless trade relations across continents," Piyush Goyal stated.

He added, "We will not only be linking trade; we will be linking civilizations and cultures from Southeast Asia to the Gulf, from the Middle East to Central Europe."

Goyal said the corridor could eventually connect to Africa through the Middle East, and will include railways, roadways, pipelines, clean energy infrastructure, and undersea cables. "India is already in discussions with Singapore on clean energy transmission. We are also engaged in dialogue with Saudi Arabia and the UAE," he shared.

He emphasized sustainability and digital connectivity as central to IMEC. "This initiative respects sovereignty and territorial integrity. It is not about dominance or creating economic unions. It is a partnership built on mutual trust, inclusivity and sustainability," he added.

He also highlighted five important ways to make IMEC successful. The first one is a PPP model in which private sector skills lead to new possibilities and innovations in planning. It will be Regulatory Connectivity because interoperable systems, digital payments, and harmonized customs processes will need to go hand in hand. Innovative Financing Models, like green and IMEC bonds, were also suggested. 

On the fourth one, he proposed collaborating with industry bodies so that these bodies could address requirements for trade in the real world. Finally, Think Tanks and academia are encouraged to provide input towards the formulation of long-term strategies and policy frameworks.

Piyush Goyal concluded by reiterating India’s role as a trusted bridge for global cooperation, aligned with the spirit of Vasudhaiva Kutumbakam the world is one family.